Do your tax strategies need a refresh? The best tax planning strategies for you will evolve as your situation changes, whether due to life events, economic developments or new tax laws.

By |2023-12-21T11:13:52-05:00December 21st, 2023|Accounting and Auditing, Business, Estate planning, Taxation|

As the year draws to a close, it is important to assess your financial situation and consider strategies to optimize your tax position for the upcoming tax season.  This year-end tax planning guide serves to help you make informed decisions that can positively impact your tax liability. Year-End Tax Planning Steps: Individual Planning: Take a [...]

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Are you avoiding creating a budget because it hasn’t worked for you before? We can walk you through QuickBooks’ tools.

By |2023-11-20T09:53:36-05:00December 4th, 2023|Accounting and Auditing, Business, QuickBooks Tips, Taxation|

10 Tips for Better Budgeting… …and how QuickBooks can improve your chances of budget success Budgets are hard to maintain through the best of times let alone the last three years. First there was COVID. Then supply chain issues. Then a disastrous rise in inflation. If you’ve been trying to stick to a budget through [...]

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FOLLOW IRS RULES TO NAIL DOWN A CHARITABLE TAX DEDUCTION

By |2023-10-26T09:28:53-04:00November 27th, 2023|Accounting and Auditing, Business, Taxation|

Donating cash and property to your favorite charity is beneficial to the charity, but also to you in the form of a tax deduction.  However, to be deductible your donation must meet certain IRS criteria. First, the charity you’re donating to must be a qualified charitable organization, with tax-exempt status.  A tool on the IRS [...]

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HOW TO SECURE A BUSINESS BAD DEBT DEDUCTION

By |2023-11-20T09:56:26-05:00November 20th, 2023|Accounting and Auditing, Business, Taxation|

Is your business having trouble collection payments from clients or vendors? Years after the onset of the pandemic, some operations continue to feel the impact on business activity.  It may be small solace, but at least you might be able to salvage a bad debt deduction on your tax return. Caution: This tax treatment isn’t [...]

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ONE-TIME THING: IRA TO HSA TRANSFERS

By |2023-10-26T09:22:36-04:00November 20th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? According to the IRS, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA and an HSA, it’s a good idea to contribute as [...]

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DO YOU RUN A BUSINESS FROM HOME?

By |2023-11-08T08:08:39-05:00November 8th, 2023|Accounting and Auditing, Business, Taxation|

The COVID-19 pandemic changed the landscape of work for a lot of people, as numerous business owners began working from their homes.  Many are still working from their home offices, whether full-time or on a hybrid basis.  If you’re self-employed and run your business from home, or perform certain functions there, you might be able [...]

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